An extremely random question.

[Timnineside]

First off thanks for taking the time to read this. In this thread I will give you a very brief idea who I am and what I am looking to do.

I am 28 years old. Raised by just my mother and never met/known who my father is. My mother is handy-caped and it is impossible for her to work. I am an only child, grew up very poor and lived off from welfare and my mothers $500 or less of Social Security. I stared working when I was 15 years old. As of today I still work at the same place after 14 years and help to take care of my mother. I have started my own company with a partner who grew up in a similar situation as well. We have done good to say the least. We like to look at ourselves as inspiring entrepreneurs but have yet to hit our big break. We currently own a DJ company that is booking out 40+ events a year, a Photo Booth company that is 10+ events a year and own a 25,000spft building that we are looking to renovate into a reception hall. We both still work 48+ hours a week and still are not making a killing.

I am a Viper fanatic. Loved the car since I was 9 years old and seen the concepts. Never in my life did I think I would own one. I busted ass since I was 15 to make sure I proved myself wrong. Unfortunately I couldn't afford the best of the best so I purchased a wrecked RT and rebuilt it. Although it didn't turn out as great as I thought I loved it. The Viper was/is the BEST bang for the buck hands down. With a Viper you get American muscle, horsepower, styling, reliability, rarity, and comfort all at a respectable price. After my RT I moved into a GTS. The GTS was much more a refined car, but still not everything I was looking for. At this point I am looking at getting my hands on a SRT coupe. So here is the main point of this:

At 28 years old and consider myself a businessman. I worked extremely hard to get where I am today. This leads me to my thoughts. I would like to know what a lot people here have done. A lot of the people here seem to be very respectful, optimistic, and have done very well for yourselves thus far. If you don't feel comfortable telling me that is fine, or if you choose not to publicize I understand. If you would like to share, please take the time to personally email me [email protected] or send me a PM.

I am just asking for a little help, or guidance from the right people to possibly point me in the right direction. I am not looking for a get rich quick scheme, or a pyramid scam; just looking to utilize an opportunity that someone else may have come across that isn't going to be a huge risky investment. My partner and I have helped several local businesses get started in our area and field. We don't believe in competition as in our industry there is enough business to go around for the right and respectable vendors.

Thanks a lot for you help and opinions.

-Tim

 

[bjammmin]

I guess I'm not sure exactly what you're looking for. You mention you're just interested in how the rest of us got to where we are, but you also essentially say you're looking for a "safe" new business opportunity that will help you hit it big. I don't think there's an easy answer to that one. It'd be like asking the Street how to beat the market.

If you're really an inspiring entrepreneur, then find a pain in the market and develop a painkiller.

 

[VIPER PIT]

I have been hard at it in my business for 26 years. It hit a good stride in 1998 when I could afford my first viper.
I suggest a few things.

1. Continually educate yourself throught business peer groups and trade associations. Don't be afraid of your competitors, establish relations with them because you can learn from them as well. Hopefully you can learn from their mistakes.
2. Constantly study your industry for weaknesses and look at making a newer better mousetrap.
3. Trust but verify all aspects of your business.
4. Develope a business plan for your business. This is your road map.
5. Buy Micheal Gerbers book "The E Myth revisited" and read the whole thing, it changed my life and business enough that I could get a viper.
His consulting services are priceless!
Lastly talk to successful business people in your community that you think are where you want to be. Most of these people will share pearls of wisdom and mentor you in a casual setting.
I hired a cheap board of directors to slap me around some and keep me on course. These were friends in the business community that I would buy lunch for once a month for their compensation and in turn would give me advice and an objective view on what I was doing right or wrong. Most business owners can't see the forest for the trees!
Hope this helps.

 

[plumcrazy]

sounds like you need to keep the viper a goal and concentrate on your business for now.

 

[Fatboy 18]

Ive had many ups and downs in my working career, What I have found is its not always what you know but who you know! People have introduced me to others which in turn has created work opportunities.

 

[Leslie]

You used to have a '99 GTS....? Hopefully you will be back in another Viper soon!

I am not rich, I make about as much as my GTS is worth unfortunately. I work 2 jobs to make the payments and buy rotors and pads.... and I instruct so I can get free track time.

I have found that if you REALLY want something, you will do just about anything to get it!

 

[Chuck 98 RT/10]

Work hard, work smart and pray for some luck.

But that's coming from a guy who has had only moderate success as a businessman. Now I work for a true rags-to-riches businessman and if he told me to jump I'd ask "how high?" And he'd probably give you the same advice I did.

 

[v10enomous]

You probably already know this but it's just as important and probably more important these days what you do with the money you earn than how or what you earn. Earning is only one aspect of success.

 

[Timnineside]

I have been hard at it in my business for 26 years. It hit a good stride in 1998 when I could afford my first viper.
I suggest a few things.

1. Continually educate yourself throught business peer groups and trade associations. Don't be afraid of your competitors, establish relations with them because you can learn from them as well. Hopefully you can learn from their mistakes. -Exactly what we based our DJ/Photobooth business on. Building relations to bounce business off.
2. Constantly study your industry for weaknesses and look at making a newer better mousetrap. -Also what we have done to stay competitive.
3. Trust but verify all aspects of your business. -Tend to let this fall in the mix, but will do.
4. Develope a business plan for your business. This is your road map. -Did this from day one!
5. Buy Micheal Gerbers book "The E Myth revisited" and read the whole thing, it changed my life and business enough that I could get a viper. -Will do!
His consulting services are priceless!
Lastly talk to successful business people in your community that you think are where you want to be. Most of these people will share pearls of wisdom and mentor you in a casual setting. -We do leads groups twice a week. We jump on every opportunity for meeting people in out field (Wedding industry)
I hired a cheap board of directors to slap me around some and keep me on course. These were friends in the business community that I would buy lunch for once a month for their compensation and in turn would give me advice and an objective view on what I was doing right or wrong. Most business owners can't see the forest for the trees!
Hope this helps.

All great advice! As well as all the other comments. Things like Bjammin saying "find a pain in the market and develop a painkiller" is always helpful advice as well. I just feel like sometimes I may be missing something, or that there is an unexplored opportunity somewhere that I may be missing.

 

[Timnineside]

Plumcrazy-I agree 100%. The Viper to me is a defintion of everything I have worked for. I can't drive around and have fun with my houses or business

Fatboy 18- Great piece of advice. From my 5 years thus far its been a #1 payoff!

Leslie-YES! Had the GTS. Totally see where your coming from and have 100% respect for doing what you love to do!

Chuck 98 RT/10- Thanks! I do, sometimes it gets old, but I still keep on pushing.

v10enomous- Great advice as well.

Like I said I am not looking for the next get rich scheme. Although I wouldn't mind hitting the lotto . Just seeing if I may be missing something. Interested in others success story rather big or small. Owning any Viper is a success IMO. I am shooting to get back into a Viper by the spring. So far its not looking to great unless I can get my hands on a rebuilder. Really drooling over the SRT coupes still!

On another note. Since I sold my GTS I had to fill my car void in my life. Long story short I bought a Lotus Elise. Well I miss my Viper to say the least! The Lotus really is a fun and nimble car and gets a lot, if not more looks than any car I have ever had. Yet when you put that gas pedal down its obviously lacking in the the HP department. As of yesterday I have the car sold. Even going to profit about $2500 on the car. The only reason I purchased it was the fact I was practically stealing it and hoped it would hold me over until I found the right SRT.

Thanks again for all help and advice!

-Tim

 

[viper067]

Communication ..... the key to everything. I'm in sales and am always looking to improve both my listening to better understand my customers and my presentation capability to better get my message across.

If you find a store that looks really interesting, but no one in the store offers to help you, do you buy from that store ... probably not. Conversely if they are just trying to sell you something you will probably get frustrated and leave also. If they listen and help you will buy.

Cool places to eat, the owner or manager will come out and talk to the customers, not just ask if everything is all right, but actually have a conversation with them ... you are much more likely to go back

Communication is king and should never be underestimated

 

[Steve M]

My wife and I both have our Master's degrees in engineering, and we are paid accordingly. We were also both in the military, and that opened up a lot of options for us financially, especially for our house (our VA loan has a really low interest rate, we didn't have to put any money down, and never have to pay PMI). The military also paid for 75% of her bachelor's degree, and 100% of both of my degrees. Her Master's was paid for with a full-ride scholarship.

So for us, it was mainly the education, but the military stuff really paid off too. I'm 31 and she's 32 (no kids yet either), so I'm probably on the younger side of Viper owners, but certainly not the youngest. I'm thankful every day for the good fortune I've had, and especially thankful for marrying my wife. Without her, the Viper currently sitting in my garage would still only be a dream.

 

[Timnineside]

My wife and I both have our Master's degrees in engineering, and we are paid accordingly. We were also both in the military, and that opened up a lot of options for us financially, especially for our house (our VA loan has a really low interest rate, we didn't have to put any money down, and never have to pay PMI). The military also paid for 75% of her bachelor's degree, and 100% of both of my degrees. Her Master's was paid for with a full-ride scholarship.

So for us, it was mainly the education, but the military stuff really paid off too. I'm 31 and she's 32 (no kids yet either), so I'm probably on the younger side of Viper owners, but certainly not the youngest. I'm thankful every day for the good fortune I've had, and especially thankful for marrying my wife. Without her, the Viper currently sitting in my garage would still only be a dream.

This is great. I have a few military friends that live check to check. Happy to hear that someone took a opportunity and capitalized on it. I stared off college paying out of pocket 100%. Finally decided the ivestment for the degree I was going for wasn't no longer worth it. Dropped out and started the business. Someday I may do the college thing again. Thanks for the input!

 

[ZYellow01RT]

You probably already know this but it's just as important and probably more important these days what you do with the money you earn than how or what you earn. Earning is only one aspect of success.

This is the key. It's more about the output than the input.

 

[Dom426h]

You probably already know this but it's just as important and probably more important these days what you do with the money you earn than how or what you earn. Earning is only one aspect of success.

+2

Ive only made 30-40K per year in the 6-7 years that i have been out of college.(im now 30) I got where i am today and have the stuff that i have because i have great money management skills which i was lucky to learn from my father who has been an accountant his whole life. I am not wasteful, I rarely buy anything unless it is on sale. Shop at Khols for cloths and hit up outlets for end-of-season clearance. One of the big things that allowed me to save up for purchasing my Viper at 26 is my car hobby which in contrast can be the downfall of others personal finances. Most carguy kids end up wasting SO much $$$ on POS cars growing up whether it be taking out a loan on the latest sportcompact or sinking a bunch of $$$ in mods for whatever car they have. In the end its all a waste of $$$ as it is not what they realy want. After college I bought a MazdaMiata for 5K that i autocrosed for several years then sold it for exactly what i payed for it. That left me with money saved in my pocket and alot of tallent as where the typical "instant gratification type" ended up with debt and no driving skills because he was to busy worrying about 5hp mods to ever get his car to a real performance event.

Ive got a friend who has money problems but makes twice my salary even though we have roughly the amount of assets. He is barely making his mortgage because he is one of the "instant gratification type" that took out a home equity loan near the height of the market and now has multiple mortgages/payments/PMI/the works. Add to that he just had a baby and his car "broke down" Luckily the banks bailed him out(atleast what i consider it) by allowing him to refinance everything at the current low rate and lower his mortgage payment buy basically starting it over for another 30yrs. So now he is at square one with a new mortgage and a New car payment on a Kia. NOW HERE IS THE KICKER He sold his "broke down" Mazda3 to me for 1grand(since the dealer offered him less for trad-in) which only has a bad clutch(since he drove it slipping for several months until it went out on him) and i plan on fixing the clutch, going to work on the paint with my buffer, polishing the worn looking headlights, basically making it look and drive like a brand new car. Then i will drive it for alittle while and eventually sell to another friend in need for a great deal or just flip it and make a couple grand.

That is the Diff between people like me -vs- the "instant gratification" type
I think about CASH(in my pocket, in my bank, in my investments), They think about how much they can borrow and how much of a monthly payment they can afford.

sounds like you dont have this problem though so i guess i got alittle off topic elaborating on v10enomous's genius comment

 

[Dom426h]

I'm thankful every day for the good fortune I've had, and especially thankful for marrying my wife. Without her, the Viper currently sitting in my garage would still only be a dream.

+1

Tim, You didnt say anything about a female in your life, so im gonna assume there is none based on the amount of info you did share with us.
Some people spend so much time in their work & hobbies that they think they dont have time/room in there life for a mate.
To make it in life on an average middleclass income it is KEY to have a wife IMO. Not just any wife though. One that makes enough $$$ to buy her own junk and contribute 50/50 to the mortgage/bills/ect... This makes Your cost of living 50% of what it was previously freeing up alot of money for your personal interests and the more important things in life like reproduction & sharing your joys with others.

so, get your ass on eHarmony or something

 

[VIPER PIT]

Dom426h........ You had me busting out laughing. I am the programmed the same friggin way. I always set my eye on the prize, whatever it may be to get it right. In younger years I did the instant gratification thing a few times with regards to car mods and learned the hard way. My younger brother finally learned at 44 yrs old, you put 30k into a camaro mods, it is still a frigging camaro. He now has a 09 coupe and realized he should of bailed out of the camaro 15 years ago. Now he is always wearing a smile, "viper related of course" and also has some change in his pocket to boot! Once acquired vipers are really low maintenance - unless you stomp the go pedal too hard!

 

[VIPER PIT]

Yeah, and on that wife thing----- thats dead on!!!

 

[klamathpro]

I wanna know how BJAMMMIN was so successful in life to get 4,294,967,295 posts on this site.

 

[Leojmcca]

I wanna know how BJAMMMIN was so successful in life to get 4,294,967,295 posts on this site.

Sometimes, it can just be about who you know!

 

[351carlo]

+1

Tim, You didnt say anything about a female in your life, so im gonna assume there is none based on the amount of info you did share with us.
Some people spend so much time in their work & hobbies that they think they dont have time/room in there life for a mate.
To make it in life on an average middleclass income it is KEY to have a wife IMO. Not just any wife though. One that makes enough $$$ to buy her own junk and contribute 50/50 to the mortgage/bills/ect... This makes Your cost of living 50% of what it was previously freeing up alot of money for your personal interests and the more important things in life like reproduction & sharing your joys with others.

so, get your ass on eHarmony or something

Hilarious. So true and my dream.

 

[Timnineside]

+1

Tim, You didnt say anything about a female in your life, so im gonna assume there is none based on the amount of info you did share with us.
Some people spend so much time in their work & hobbies that they think they dont have time/room in there life for a mate.
To make it in life on an average middleclass income it is KEY to have a wife IMO. Not just any wife though. One that makes enough $$$ to buy her own junk and contribute 50/50 to the mortgage/bills/ect... This makes Your cost of living 50% of what it was previously freeing up alot of money for your personal interests and the more important things in life like reproduction & sharing your joys with others.

so, get your ass on eHarmony or something

I am with you 100%. I manange my money very well. Unfortunatly I just don't take in enough..... Well IMO. I feel my downfall is just playing it "Too" safe sometimes, although I don't know if I am willing to take the risk to loose everything either.

I have a wife, been together for over 4 years now. We do have the same beliefs. I purchased a house before we were married which I still own. I rent the house out for a little more than the mortgage payment. I choose not to pay the house off because I purchased it at the peak of the market, and why pay it off when I can just have renters make the payments until its paid off and call it my retirement. I also own another rental which I paid cash for and the house owes me nothing. My wife and I purcahsed another house together about 3 years ago. She works, is just finishing up a collage at 24 years old, and started her own photography company this year. We split all bills and costs 50/50. I would have it any other way. My main issue is just getting a business going that will allow me to walk away from my day job. Not complaing because I have been here for 14 years, just looking to do my own thing.

Good advice on the finding a wife though. I can speak for my business partner who is with a real POS girl that just wants to be lazy, complain and make babies all the damn time

Once again thanks for all the help and advice. It really does help. Although a lot of the advice listed above is how we run business and how I live my day to day life its good to hear the reasurance that I am doing the right thing.

Thanks!

-Tim

 

[Timnineside]

I wanna know how BJAMMMIN was so successful in life to get 4,294,967,295 posts on this site.

Ditto to this^^^

 

[Slithr]

My main issue is just getting a business going that will allow me to walk away from my day job.-Tim

Might sound cliche, but does contain some wisdom.

... Choose a job you love, and you will never have to work a day in your life.

Or, pay your dues in the industry you've chossen. Businesses are built ... damn your 28, just how quick were you supposed to be 'Rolling' anyway?

 

[ninjakris]

This is a good thread. Here's my story.

I just turned 28 last week. From the outside, my wife and I appear to be well off, rich, ballin....I get it all. In reality, we manage the hell out of our money. After screwing around with college for a couple years and working construction, I decided it was not the life for me, so I enlisted in the Air Force. I got married to my long term girlfriend when I finished all my technical training and we went to my first base. As an E2, we actually had a small two bedroom house built for us and were home owners at 23. I was driving a POS suzuki esteem for a couple years, but at least it was paid for. My wife had a decent job and we lived well below our means. We furnished our house, paid off my sportbike, took some vacations, and put some money away. After three years in Spokane, WA, I got orders to Florida and moved accros the country. Because we baught a modest house, I was/am able to rent it out and have my mortgage covered. About 6 months before moving to Florida, I baught a 2010 fully loaded Honda Ridgeline and put down a nice 6K down payment. So when we moved down to Florida, we rented a cheap old townhome that was close to base and would get us by. After about 4 months of living in the townhome, we started looking at houses to buy. We were fortunate that I could use a VA home loan with 0 down. We came by a short sale in Destin, FL that was too good to pass. We made an offer, got locked in at 4.35% and closed about five months later. After closing on the house, we had about a month to move from our townhome to our new house before I was deploying to Afghanistan (second deployment). I did about 4.5 months in the desert and we got sent home early. Since I went into the deployment with basically no debt other then car loans, we paid off my wifes car (2006 subaru legacy) and put some money away for a viper down payment. I got home and about a month later picked up my 03 Viper with 12K miles I put down 7K and got a loan at 2.5% at 5 years.

So from the outside, we appear to be well off. My wife and I are in our late 20's, we have a 2003 viper, 2006 subaru legacy, 2010 honda ridgeline all in a very nice house in a great area, and a rental house. My wife and I made about 80K last year and while its not a lot of money, we live very comfortable on it. What people dont see is the small things. All our furnature is the same stuff we have had for years, we take care of everything we have so it lasts a long time. We only eat out 2-3 times a week. We shop at places like Kohls, Nordstrom rack, Marshals, Ross..... you get the idea. I do all my home renovations and yard work myself. Even small things like getting a rewards card and paying it off every month. We are about to get our rebate check from American Express this month for $200. That is completly free money. We didn't pay them a penny in fees or interest. We have good credit and shop around for the best interest rates if there is something that has to be financed. My truck is at 1.9% and the viper is 2.5%. If we buy something at sears, we will use the sears card if we get an extra %5 off, then pay it off on the spot. One thing I have learned is every dollar counts. Its all how you manage it.

I don't think I will ever be a rich man, but I plan on buying and renting out a house at every place I am stationed. I figure by the time I am 50, I will own around 5 houses and not have any debt. I hope to retire in my last 50's and live a modest but comfortable life. I don't know if it will happen, but we all have dreams right?

Good luck with your buisness, it sounds like you are very goal driven. That will seperate you from the lazy people in field. The hard part will be how you manage your assets.

 

[JKVIPER]

This was my formula.

I started off as an engineer out of college. I talked to many business people and discovered what higher paying jobs existed and just positioned myself to do what they do. You have to be honest with yourself in terms of what you are interested in doing(you need passion) and what you are good at and go for it. I wound up in corporate sales and have made a good living and enjoy what I do.

Once you start making money, learn how to make money with your money by investing. At some point, your investments will out perform your income and you are all set.

Go for it!

 

[Timnineside]

Might sound cliche, but does contain some wisdom.

... Choose a job you love, and you will never have to work a day in your life.

Or, pay your dues in the industry you've chossen. Businesses are built ... damn your 28, just how quick were you supposed to be 'Rolling' anyway?

Point* I must agree***

 

[Timnineside]

This is a good thread. Here's my story.

I just turned 28 last week. From the outside, my wife and I appear to be well off, rich, ballin....I get it all. In reality, we manage the hell out of our money. After screwing around with college for a couple years and working construction, I decided it was not the life for me, so I enlisted in the Air Force. I got married to my long term girlfriend when I finished all my technical training and we went to my first base. As an E2, we actually had a small two bedroom house built for us and were home owners at 23. I was driving a POS suzuki esteem for a couple years, but at least it was paid for. My wife had a decent job and we lived well below our means. We furnished our house, paid off my sportbike, took some vacations, and put some money away. After three years in Spokane, WA, I got orders to Florida and moved accros the country. Because we baught a modest house, I was/am able to rent it out and have my mortgage covered. About 6 months before moving to Florida, I baught a 2010 fully loaded Honda Ridgeline and put down a nice 6K down payment. So when we moved down to Florida, we rented a cheap old townhome that was close to base and would get us by. After about 4 months of living in the townhome, we started looking at houses to buy. We were fortunate that I could use a VA home loan with 0 down. We came by a short sale in Destin, FL that was too good to pass. We made an offer, got locked in at 4.35% and closed about five months later. After closing on the house, we had about a month to move from our townhome to our new house before I was deploying to Afghanistan (second deployment). I did about 4.5 months in the desert and we got sent home early. Since I went into the deployment with basically no debt other then car loans, we paid off my wifes car (2006 subaru legacy) and put some money away for a viper down payment. I got home and about a month later picked up my 03 Viper with 12K miles I put down 7K and got a loan at 2.5% at 5 years.

So from the outside, we appear to be well off. My wife and I are in our late 20's, we have a 2003 viper, 2006 subaru legacy, 2010 honda ridgeline all in a very nice house in a great area, and a rental house. My wife and I made about 80K last year and while its not a lot of money, we live very comfortable on it. What people dont see is the small things. All our furnature is the same stuff we have had for years, we take care of everything we have so it lasts a long time. We only eat out 2-3 times a week. We shop at places like Kohls, Nordstrom rack, Marshals, Ross..... you get the idea. I do all my home renovations and yard work myself. Even small things like getting a rewards card and paying it off every month. We are about to get our rebate check from American Express this month for $200. That is completly free money. We didn't pay them a penny in fees or interest. We have good credit and shop around for the best interest rates if there is something that has to be financed. My truck is at 1.9% and the viper is 2.5%. If we buy something at sears, we will use the sears card if we get an extra %5 off, then pay it off on the spot. One thing I have learned is every dollar counts. Its all how you manage it.

I don't think I will ever be a rich man, but I plan on buying and renting out a house at every place I am stationed. I figure by the time I am 50, I will own around 5 houses and not have any debt. I hope to retire in my last 50's and live a modest but comfortable life. I don't know if it will happen, but we all have dreams right?

Good luck with your buisness, it sounds like you are very goal driven. That will seperate you from the lazy people in field. The hard part will be how you manage your assets.

WOW, pretty much summed up my life. Almost everything I have done on cue in order.

Thanks for the input. My only issue is I do want to be a rich man. I can live the rest of my life the same in be 100% happy, but what it all boils down to is not money. I just love the thrill. I love to work on something and see it succeed. I haven't really be defeated by anything I've tried in life so far so I guess I have something going for me .

-Tim

 

[mattdillon]

Judge your SUCCESS by the degree that you're Enjoying Peace, Health, and Love! jmo

 

[Slithr]

Success is the ability to go from one failure to another with no loss of enthusiasm - Sir Winston Churchill